| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43153.13 | -68.42 | -0.16% |
| S&P 500 | 5937.34 | -12.57 | -0.21% |
| Nasdaq | 19338.29 | -172.94 | -0.89% |
| VIX | 16.60 | 0.48 | 2.98% |
| Gold | 2746.90 | 29.10 | 1.07% |
| Oil | 78.77 | -1.27 | -1.59% |
US MARKET
US stocks closed lower on Thursday as major indexes struggled to sustain momentum from the previous day’s rally, weighed down by tech stock declines and another round of big bank earnings. The S&P 500 fell 0.2%, the Dow Jones Industrial Average slipped 0.1%, and the Nasdaq Composite led losses with a 0.9% decline, driven by underperformance in large-cap tech stocks like Nvidia and Tesla.
The market pullback followed a surge on Wednesday, spurred by a surprise easing in consumer inflation and strong bank earnings, which fueled speculation about potential Federal Reserve rate cuts later this year. Retail sales data for December showed a 0.4% increase, falling short of expectations for 0.6% and marking a slowdown from November’s 0.7% gain.
Earnings results drew mixed reactions. Bank of America reported more than doubled fourth-quarter profits, benefiting from a revival in Wall Street dealmaking, though its shares edged lower. Morgan Stanley gained over 4% after announcing a significant profit surge. UnitedHealth disappointed, with fourth-quarter revenue falling short of expectations, causing its shares to slide 6%.
Attention also turned to Capitol Hill, where Treasury Secretary nominee Scott Bessent testified before the Senate Finance Committee. Topics discussed included tariffs, national debt, and tax policies, with Bessent outlining his vision for economic growth under the incoming administration.
Australian shares are expected to open slightly higher, with ASX futures up 12 points or 0.1% to 8310 as of 7:15 am AEDT.
US Treasury nominee Scott Bessent, in his confirmation hearing, highlighted the potential for a “new economic golden age” but warned of fiscal risks if the previous administration’s tax cuts are not extended.
In commodities, gold surpassed $US2700 an ounce, iron ore gained 2.2%, oil prices softened, and Bitcoin edged above $US100,000.
Bloomberg reported merger talks between Rio Tinto and Glencore, which could form the world’s largest mining group, surpassing BHP. Lynas Rare Earths announced growing revenue following the opening of its Kalgoorlie facility and will update investors today. Aussie Broadband appointed Brian Maher as group CEO, and Telix Pharmaceuticals secured European approval for its prostate cancer imaging agent, Illuccix.